Correlated is already changing the way you gain visibility into how your customers are using your product - like uncovering what actions they’re taking to become successful, what signs they’re showing when they’re ready to convert or upgrade, and what key things they’re not doing that puts them at-risk of churning. But what if there was also a way to identify if your PLG playbooks are working, and if how your team follows up with customers is truly effective?
Well, now there is!
We’re excited to introduce our first version of Goals!
Goals make it easy to measure conversion rates throughout your entire customer lifecycle. With the help of Goals, you can put real numbers behind the strategies your GTM team is running in a more flexible way than ever before. Goals offer the best way to take a strategy from “we think this is what makes someone a successful customer” to “we know.”
If you’re not sure what buying Signals are the best, you can set up Goals to track conversion over time and compare different Signals, all using our easy-to-use dropdown interface. If you’re building out Playbooks, but don’t have a way of tracking if customers are accomplishing the tasks you are nudging them to accomplish, Goals can help track that as well!
Let’s walk through how Goals work in Correlated
For every Signal and Playbook you create within Correlated, Goals are there for you to determine a desired outcome or specific “end-state” that you want your customers who enter that Signal to achieve. To show you how it’s done, let’s walk through an example together:
Say you’re looking to convert more of your PQLs to paid customers, but you have such a high volume of incoming customers at all tiers that it’s difficult to hone in on the ones that are the most qualified. Based on prior experience, you have a pretty good idea that if mid-market customers book a meeting to engage with a sales rep within their first five days of signing up, their chances of converting are 40% higher. To prove this strategy out, we can use Goals.
Step 1. Make Your Signal
We will focus on all users who belong to a Mid-Market level account, and are actively in their free trial period.
Step 2. Add an Action to Your Playbook
Since we ultimately want these customers to book a meeting with a sales rep, we can automatically add them to a five-day Outreach Sequence. This email sequence could include useful information the customer needs to evaluate the product, and more importantly, direct links to encourage them to schedule a meeting with someone from the Sales team.
Step 3. Set a Goal
We know that these specific customers are more likely to pay if they have a meaningful interaction with sales, so we can set the Goal to be something along the lines of “book at least one meeting with a sales representative.” Lastly, you’ll want to specify a time frame / number of days it should take someone to reach this Goal.
Note: Goals can be generated from actual product behavior, like “Integration Added” or “Feature Clicked” or with the filters you’re pulling in from other apps, such as custom fields in Salesforce.
Step 4. Monitor the Results
On a go-forward basis, Correlated will now track exactly which customers are entering your Signal, and how many of these customers are reaching the Goal you’ve set! If someone does reach the Goal within the number of days you’ve defined, we’ll count this as a Conversion.
Over time, easily view the total number of customers who triggered the Signal, the total number of converted customers, the conversion rate, and the average number of days it took for them to convert.
How to amplify your PLG strategy
With the recent increase in companies prioritizing their Product Led Growth strategy, it’s clear that this is no easy task, no matter how long you’ve been at it. There are a ton of moving parts, many teams involved, endless directions to take it, and of course, it’s very difficult to prove out.
Measuring conversion via Goals turns ideas and wish lists into testable playbooks that you can use to prove out new strategies. If something isn’t working, catch it early on and find ways to improve your messaging, or adjust what makes someone a PQL. If something is working, share your findings and make it a repeatable process across a team. By adopting an iteration mindset, the task of implementing a Product Led Growth strategy becomes much more approachable.
If you’re interested in testing out Goals, you can Get Started today!